Shell Canada Receives Regulatory Approvals for BlackRock Acquisition
Shell Canada has received the approval of the Minister of Industry under the Investment Canada Act for its offer to purchase all of the outstanding common shares of BlackRock Ventures Inc. (including common shares issuable upon the exercise or surrender of any options or conversion of any convertible debentures). In approving the acquisition, the Minister determined that the transaction is likely to be of "net benefit to Canada" for purposes of the Investment Canada Act.
Shell Canada also announced that the Commissioner of Competition under the Competition Act (Canada) has granted Shell Canada an advance ruling certificate, which constitutes compliance with the requirements under the Competition Act (Canada). As a result, Shell Canada has now received all necessary Canadian regulatory approvals to proceed with the acquisition of BlackRock.
Shareholders are encouraged to tender their BlackRock common shares to
the offer as soon as possible. The offer remains open until 1:01 a.m. (Calgary
time) on June 16, 2006, unless the offer is withdrawn or extended by Shell
Canada. Under the terms of the offer, BlackRock shareholders will receive
$24.00 for each BlackRock common share.
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